1959 Rolex Submariner Ref. 5508 Gilt Chapter Ring 'Exclamation' dial

There are references that define an era, and there are those that quietly shape it. The Rolex Submariner 5508, known affectionately as the “Small Crown,” belongs firmly to the latter group—a transitional piece that bridged the earliest Submariners and the tool watches that followed, with a grace and proportion that now feel timeless.

 

Introduced in the late 1950s as the successor to the 6536/1, the 5508 retained the no-crown-guard silhouette, a 37mm case, and the 100-meter depth rating of its predecessor. Yet in refinement of detail, it marked a decisive step forward: the dial grew cleaner, the gilt printing more precise, and the chronometer-grade caliber 1530 provided the mechanical foundation Rolex would build on for years to come.

 

Among its many dial configurations, few are as compelling as the “Exclamation Point” dial—a rare and collectible variant distinguished by a small lume dot just beneath the 6 o’clock marker. Thought to signify Rolex’s transition from radium to lower-radiation lume in the late1950s to early 1960s, this subtle detail has become a signal to collectors of a specific, short-lived moment in Rolex history. Paired with glossy gilt lacquer and a chapter ring, it represents one of the most visually dynamic and historically rich expressions of the reference.

The example offered here, dating to 1959, is a standout. The original gilt dial remains untouched and preserved in exceptional condition. Its lacquer surface is smooth and glossy, with minor cracking and the earliest hints of even brown spotting—an early suggestion of tropical aging that only adds to the intrigue. The gold print, including the full chapter ring, is crisp and complete, showing no loss or fading.

 

But it’s the lume that truly elevates this piece. The hour plots are among the finest we’ve seen on any 5508: rich, spongy, and glowing with a golden patina, perfectly intact and clean. The original hands are well preserved too, with lume that’s aged a few shades lighter—subtle, honest, and perfectly matched to the dial’s story.

 

The stainless steel case remains in strong shape, preserving prominent lug bevels which follow factory standards and normal signs of wear. The case back remains in the same condition. The bi-directional bezel insert remains in lovely condition too, showing a subtle blue-gray even fading to it and hardly no signs of wear.

 

The watch is running well and keeping time, although service history is unknown.

 

The original domed crystal is still present and shows some minor scratches that could be easily polished away and a very subtle crackling, most probably caused by the radium lume.

 

It is fitted on its original Rolex Swiss Rivet stainless steel bracelet with 64 end links and clasp date 4/60 that shows normal wear and stretch for its age.

 

The 5508 sits at the intersection of early Rolex tool-watch ethos and mid-century refinement. And with an Exclamation Point dial in this condition, it offers not just historical significance—but soul. For collectors seeking a Submariner that wears like a watch and reads like a chapter from Rolex’s most formative years, this is as good as it gets.

 

Macros of dial and case are available under request, as well as inner case back and movement pictures.